Statewide’s chief executive Frances Magill has been listed among South Australia’s 50 most powerful people.
The listing, published by the Sunday Mail, recognises Magill’s leadership of a fund which now manages more than $2 billion in retirement savings, for more than 160,000 members.
Being listed among SA’s 50 most powerful people came as a very pleasant surprise, Magill told InvestorDaily.
“I was humbled, I knew nothing about it,” she said.
“Of course it’s not about me, it’s about what the fund has done and I guess it just goes to show how small amounts of money from a lot of people has the same impact as a large amount of money from one person.”
Magill was the first employee of Statewide when it was set up in 1990.
“Since then the fund has grown from less than $10 million and less than 5000 members to over 160,000 members and over $2.2 billion,” Magill said.
Magill’s inclusion in the listing was an unexpected acknowledgement of Statewide’s evolution into a major player in South Australia’s financial sector, according to Statewide chairperson Joy Palmer.
“Frances’ inclusion in the list serves as an important reminder to the board, management and staff of Statewide that the quality of service and investments the fund provides has a major impact on the personal wealth of our members.”
